Medicare is an important part of the American healthcare system. People who are on Medicare often supplement their insurance with a Medicare Supplement Plan to help cover the costs that their original Medicare may not.
However, not all Medicare Supplement Plans are created equal. It’s important to choose the right plan for you and your needs, so that you may stay healthy and happy in old age. Here are some things you can do now to make sure you get the right plan.
Understanding The Basics
One of the most important things you can do before signing up for a Medicare Supplement Plan is to understand the basics. You’ll want to know that Medicare Supplement Plans cover hospitalization, certain physician services, and uncomplicated medical services. It’s important to note that Medicare Supplement Plans don’t cover dental coverage, hearing aids, or prescription drugs.
Understanding Your Medicare Supplement Plan
Medicare Supplement Plans come in two flavors: Medigap and Medicare Advantage.
- Medigap plans are the original Medicare supplement, which provides benefits that basic Medicare doesn’t cover, like copayments, coinsurance, and deductibles. These plans can be bought directly from a private insurance company and are regulated by the states.
- Medicare Advantage plans are newer, more popular plans offered by private insurance companies authorized by Medicare to offer these benefits. They’re generally cheaper than Medigap because they don’t require you to pay for things like copays or coinsurance.
There are other differences between these two types of the plan as well – but you should understand what your needs are first before making a decision about which plan is best for you!
Understanding Your Current Health
You should know your health before you choose a Medicare Supplement Plan. The plan that’s best for you may not be the best plan for your neighbor. If you have a chronic illness, it would be better to find a plan that covers those illnesses so you don’t have to pay out of pocket for them.
If you don’t know about your current health, talk with a representative from your state’s insurance department. They can help direct you to the right information and help determine if a Medicare Supplement Plan is necessary.
Find Plans InDifferent Categories
If you’re looking for Medicare Supplement Plans, you can find plans in different categories. There are short-term plans, which only last up to 3 years and cost less upfront, but have higher out-of-pocket costs. There are also long-term plans that last for 10 years or more and have lower monthly premiums but higher out-of-pocket costs.
Compare Plans InThe Same Category
The first thing you can do is to compare plans in the same category. For example, say you’re currently on a Medicare Advantage Plan and decide you want a Medicare Supplement plan. You may want to compare a Medicare Advantage Plan with a Regular Medicare Supplement Plan before deciding which one to choose. This would allow you to find the best plan for your needs without sacrificing benefits from either plan.